Tim Geithner

And the judgment we are making -- and it is absolutely the right judgment -- is that, as a country, given where we started, we have no choice but to move aggressively in these fronts.

If we don't do that, then we are going to have a rising debt-to-GDP ratio over time and higher interest rates.

Home prices are still falling as foreclosures rise. And even credit-worthy borrowers are finding it harder to finance the purchase of a new home or to refinance their existing mortgage.

I hope you can provide us with some assurances today that the billions of dollars that taxpayers are being asked to commit will be protected.

The path our country has pursued to date was too limited in support. It came late, came with too little broad trust and confidence and too little direct support to the businesses and consumers and households that are most affected by the…

a substantial part of what caused this crisis was gaps in our overall regulatory framework and the exercise of the oversight authorities that Congress gave our regulators.

Absolutely not. I am saying there is risk to the taxpayer.

Given the critical role of insurers in enabling credit transactions... do you believe that we can undertake serious market reform without establishing Federal regulation of the insurance industry.

it is very important that we let the world know, the American people know, that we will take whatever action necessary to help prevent the kind of failure that would cause systemic damage to our system

it is very important that we act effectively to help stabilize our system and to prevent the kind of broad-based catastrophic damage.

The definition of a financial crisis is that markets won't take risks that were otherwise economic.

How do we end the uncertainty and bring such capital back into the marketplace?

President Obama is committed to moving quickly to reform our entire system of financial regulation so that we never again face a crisis of this severity.

I believe very strongly that our actions will be more effective if we get complementary actions by other countries.

The path our country has pursued to date was too limited in support. It came late, came with too little broad trust and confidence and too little direct support to the businesses and consumers and households that are most affected by the…

This crisis is partly the result of failures in consumer protection.

Without that action, we would be sitting here today with a dramatically worse crisis.

The previous administration's piecemeal, lurching interventions in the financial system contributed to the confusion, I believe, and the volatility that have dragged down consumer and investor confidence.

I applaud the Obama Administration for moving to impose new and tougher restrictions on executive compensation for companies that receive TARP funds.

If a company accepts taxpayer assistance, it should not be offering bonuses to top executives or rewarding shareholders with cash dividends.

I think that will be--that is a necessary thing not just to protect the taxpayer, but to make sure that the Government's role in the financial system is not sustained beyond a point that is necessary.

We will not be effective unless we earn more confidence with you and your colleagues and with the American people that we are going to use these resources wisely.

Our central obligation to the American people is to do what is necessary to get this economy on track.

Assistance comes with conditions. It is not a right. It is a privilege.

It is very important that all the major countries are moving together to strengthen demand, lay the foundation for recovery.